Plug Power Overstated Chance of Hydrogen Plants Loan, Suit Says

Plug Power Inc. misrepresented the likelihood of receiving a US government loan for its envisioned hydrogen production segment, surprising investors when it pivoted to less lucrative projects, an investor alleges.

Department of Energy loan disbursements depended on certain conditions, including technical reports and financial models, and could be used only to build the network of hydrogen facilities, Joseph Ortolani says. Plug Power and its executives represented the loan as secure before announcing it had “suspended activities” under the loan program, Ortolani says in his proposed class action filed Monday in the US District Court for the Northern District of New ...